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☆ Factbox: Analysts guarded as AI-driven US stock rally faces earnings test
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +4 min

Strategists expect profit at S&P 500 (.SPX) companies to have dropped 6.4% in the second quarter from a year earlier, according to Refinitiv data. Morgan Stanley:Much of the stock market rally this year has been driven by a price-to-earnings expansion, signaling investors likely remain unconcerned about near-term earnings pressure. Still, "better-than-feared" earnings are not going to be good enough in Q2 considering stocks have become more expensive, the strategists say. Goldman Sachs:Companies will likely be able to beat or surpass "the low bar" set for the second quarter. This suggests a "muted market reaction" to Q2 earnings is likely, given robust gains in stocks since the first quarter and an "overweight" equity positioning, the bank says.

Persons: Mike Segar, Morgan Stanley, Goldman Sachs, Laura Cooper, Cooper, Scott Wren, Amruta Khandekar, Shreyashi Sanyal, Sriraj Organizations: Citibank, REUTERS, Nasdaq, Companies, GS, Nvidia, iShares EMEA, BlackRock, Deutsche Bank, Investors, Wells, Wells Fargo Investment Institute, Citigroup, Thomson Locations: New York , New York, U.S, BlackRock, Wells Fargo, Bengaluru

☆ Earnings season is upon us. What to look out for when major banks report Friday
▼ + stars: | 2023-07-10 | by ( Morgan Chittum | ) www.cnbc.com time to read: +8 min

Wells Fargo (WFC) and Morgan Stanley (MS), our two financial holdings, will report quarterly numbers Friday and a week from Tuesday, respectively. All 23 institutions tested, including Wells Fargo and Morgan Stanley, passed the exercise that simulates a hypothetical severe global recession. Wells Fargo and Morgan Stanley announced increases in their capital returns to shareholders after clearing that regulatory hurdle. WFC YTD mountain Wells Fargo YTD performance Wells Fargo has a unique story among the major U.S. banks because of its multiyear restructuring plan. MS YTD mountain Morgan Stanley YTD performance When Morgan Stanley reports, net assets in its wealth management (WM) business will be a key metric.

Persons: Wells Fargo, Morgan Stanley, Christopher Whalen, Whalen, Banks, Wells, ROTCE, there's, Jim Cramer's, Jim Cramer, Jim, JPMorgan, Goldman Sachs Organizations: Federal, Silicon Valley Bank, Street, Street Journal, CNBC, Barclays, Investment, Citibank, JPMorgan Chase, Bank of America, Reuters Locations: U.S, Silicon, SVB, Wells, Wells Fargo

The central bank on Wednesday will release the results of its bank "stress tests" which assess how much capital banks would need to withstand a severe economic downturn. The annual exercise, introduced following the 2007-2009 financial crisis, is integral to banks' capital planning, dictating how much cash they can return to shareholders via dividends and share buybacks. Despite the turmoil, and the exam being the hardest in years, bank analysts and executives expect the 23 lenders being tested will show capital in excess of regulatory minimums. While that will not affect capital, it will be used to assess potentially employing multiple scenarios in future stress test exercises. "In an environment of ever-changing risks, stress tests can quickly lose their relevance if their assumptions and scenarios remain static," said Barr in December.

Persons: Nick Zieminski WASHINGTON, JPMorgan Chase, Goldman, Morgan Stanley, jitters, Wells, Jefferies, Randal Quarles, Michael Barr, Barr, Pete Schroeder, Michelle Price, Deepa Babington Organizations: Citibank, REUTERS, Big U.S, Bank, U.S, Treasury, Citigroup Inc, Bank of America, JPMorgan, Goldman Sachs, Capital, U.S . Bancorp, Citizens, Fed, Bank Policy Institute, RBC, Thomson Locations: Jackson, Queens, New York City, U.S, Big, Silicon, Wells Fargo, Washington

☆ People Are Using Mortgage Points to Lower Their Rates—Are They Worth It?
▼ + stars: | 2023-06-24 | by ( Michele Lerner | ) www.wsj.com time to read: +6 min

A recent analysis by Zillow Home Loans found that nearly 45% of borrowers purchased mortgage points, also known as discount points, in 2022 to reduce their monthly payments. That compares to 29% of borrowers who bought mortgage points in 2021, 28% in 2020 and 27% in 2019. “We started seeing more buyers purchasing discount points as soon as mortgage rates ticked up in 2022,” says Nicole Bachaud, senior economist for Zillow in Seattle. The combination of high home prices and high mortgage rates contributes to the current appeal of paying discount points. Cash-out refinance borrowers were also more likely than other borrowers to buy mortgage points.

Persons: Michele Lerner, “, ”, Nicole Bachaud, we’re, Chuck Cavanaugh, ” Cavanaugh, Mike Salierno, ” Salierno, Cavanaugh, ” Bachaud, Cash, Bachaud Organizations: Zillow, Citibank, Northwestern Mutual Locations: Seattle, New York City, Clearwater, Fla

Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). Here are the steps to take to get a personal loan:Insider's Featured Personal Loan Companies LightStream Personal LoanMarcus Personal LoanSoFi Personal Loan Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Fees 4.75/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Fees 4.25/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Fees 4/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Apply now On LightStream's website Apply now On Goldman Sachs' website Apply now On SoFi's website1. Understand the two main types of personal loansThere are two types of personal loans: secured and unsecured. Get your paperwork in orderOne of the most challenging parts of getting a personal loan is the amount of documentation required.

Persons: —, Gabe Krajicek, Krajicek, Priyanka Prakash, Goldman Sachs, it's, Tabitha Mazzara Organizations: Service, Bank of America, Citibank, MBANC Locations: Wells

MAS imposed penalties of S$2.6 million ($1.93 million) for DBS, S$600,000 for OCBC, or Oversea-Chinese Banking Corp, S$400,000 for Citibank and S$200,000 for Swiss Life. Asked whether illicit activities had taken place involving the institutions, MAS said its checks focused on compliance with its requirements. DBS failed to adequately inquire into the background and purpose of "unusually large transactions", it said. A Swiss Life spokesperson said it had terminated a client relationship in 2020 after being approached by authorities about a contract. "Since then, and in close cooperation with the authorities, additional measures have been implemented within Swiss Life (Singapore) to detect client misconduct more effectively."

Persons: Wirecard, OCBC, Chen Lin, Yantoultra, Selina Li, Martin Petty, Conor Humphries Organizations: Citibank, DBS, Swiss, Monetary Authority of Singapore, Chinese Banking Corp, MAS, FIs, Singapore police, Thomson Locations: SINGAPORE, Singapore

[1/2] The exterior of the Marriner S. Eccles Federal Reserve Board Building is seen in Washington, D.C., U.S., June 14, 2022. They expect the Fed to raise its target rate to 5.25%-5.5% at the July 25-26 meeting. And it's quite likely that if the Fed does hold off on rates it will prep markets for action later on. The last Fed forecasts released at the March meeting had penciled in a 5.1% stopping point for the federal funds rate target, where it is now. Each Fed policymaker's view of the appropriate year-end policy rate is depicted by an anonymous "dot" on a grid.

Persons: Sarah Silbiger, who've, Wrightson ICAP, Wrightson, it's, Jerome Powell's, ’ ”, Powell, Ryan Sweet, Morgan Stanley, Oscar Munoz, Ann Saphir, Michael S, Howard Schneider, Dan Burns Organizations: Eccles Federal Reserve, Washington , D.C, REUTERS, Federal Reserve, Fed, Bank of America, Citibank, Reuters Graphics Reuters, Deutsche Bank, Oxford Economics, Securities, Derby, Thomson Locations: Washington ,, U.S

[1/3] Signs of JP Morgan Chase Bank, Citibank and Wells Fargo & Co. bank are seen in this combination photo from Reuters files. The S&P 500 Banks Index (.SPXBK) rose 1.14%, while the KBW Regional Banking Index (.KRX) gained about 2%. JPMorgan Chase (JPM.N), Wells Fargo (WFC.N), Goldman Sachs (GS.N), Morgan Stanley (MS.N), Citigroup (C.N) and Bank of America (BAC.N) advanced between 1% and 2%. Higher net interest income has helped cushion a slump in the banking sector's market-sensitive business units such as investment banking and trading. Zions Bancorporation (ZION.O) shares fell 0.56% after its executives forecasted a slowdown in net interest income.

Persons: JP Morgan, Wells, Mike Santomassimo, Jack Janasiewicz, JPMorgan Chase, Goldman Sachs, Morgan Stanley, Zions, Manya Saini, Sriraj Kalluvila, Lisa Shumaker Organizations: JP Morgan Chase Bank, Citibank, Wells Fargo & Co, Federal Reserve, Labor Department, Traders, Natixis Investment, Banks, JPMorgan, Citigroup, Bank of America, Comerica Inc, Comerica, Bancorp, Western Alliance, U.S . Bancorp, National Bancorp, Thomson Locations: U.S, Wells, KBW, Monday's, Wells Fargo, Bengaluru

☆ China's central bank upbeat on Q2 GDP growth, confident on 2023 targets
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +2 min

Some analysts have predicted the central bank may begin to cut key rates as soon as next week after a flurry of weak data highlighted the fragility of China's economic rebound. "It is expected that year-on-year growth of gross domestic product (GDP) in the second quarter will be relatively high (mainly due to the base effects). The CPI is expected to gradually pick up in the second half of the year and be above 1% year-on-year by December," the PBOC statement quoted Yi as saying. The government has set a modest GDP growth target of around 5% for this year, after badly missing the 2022 goal. Reporting by Ellen Zhang and Ryan Woo; editing by John Stonestreet and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Yi Gang, Yi, Ellen Zhang, Ryan Woo, John Stonestreet, Sharon Singleton Organizations: People's Bank of China, Group, SAIC Motor Corp, Citibank, Thomson Locations: BEIJING, United States, Europe, Shanghai, China

☆ Why it's not that great that everyone is flocking to their online bank
▼ + stars: | 2023-06-03 | by ( Josée Rose | ) www.businessinsider.com time to read: +3 min

Smaller and regional banks are important for the US financial system. "Regional banks have a combination of regional knowledge and expertise that makes lending more efficient," C. Michael Zabel, a former executive at M&T, the Buffalo-based regional bank, told Dealbook in April. Broadly, regional banks are staring down two main headwinds. In the first quarter, Ally Financial and Goldman Sach's Marcus online bank saw them rise, while regional-bank powerhouses like US Bank, Truist Financial, and Citizens Financial saw deposits fall, according to The Wall Street Journal. The pressure on regional banks hasn't abated yet.

Persons: Goldman Sachs's Marcus, Wells, Michael Zabel, Dealbook, They're, Goldman Sach's Marcus, they've, Bankrate's, we'll, Robert Hockett Organizations: Morning, Citibank, bonanza, Bank, Truist, Citizens, Wall Street, Silicon Valley Bank, First, JPMorgan, Western Alliance ., Federal Deposit Insurance Corp, Fed, Bloomberg, Cornell University, CNN Locations: JPMorgan, Wells Fargo, Buffalo, Silicon, First Republic, PacWest, they're, Wall, San Francisco

☆ TripAdvisor rival GetYourGuide nears $2 billion valuation as it raises fresh funds to invest in A.I.
▼ + stars: | 2023-06-01 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

The Berlin-based company said Thursday it had raised the funding through a mix of equity and debt, with $85 million of equity investment being led by U.S. asset management firm Blue Pool Capital. The investment values the company at nearly $2 billion, up from GetYourGuide's last publicly-disclosed valuation of $1.4 billion, according to a person familiar with the matter. Total investment in GetYourGuide, including both equity and debt, now stands at just over $1 billion. Rather than advertise hotels, flights and other forms of transportation, GetYourGuide sells its users experiences and things to do in unexplored places. These experiences are offered through third-party suppliers on its platform, with GetYourGuide taking a commission on each booking.

Persons: UniCredit, Johannes Reck, GetYourGuide, Reck, didn't Organizations: U.S, Blue Pool Capital, GetYourGuide's, KKR, Temasek, BNP, Citibank, KfW, GetYourGuide, CNBC, omicron Locations: U.S, Berlin, GetYourGuide

☆ U.S. banks sink on concerns about office real estate loans
▼ + stars: | 2023-05-31 | by ( Sinéad Carew | ) www.reuters.com time to read: +3 min

Investors worried about potential losses among banks from office real estate loans after comments from executives, including Wells Fargo & Co's (WFC.N) Chief Executive Officer Charlie Scharf and Blackstone President Jonathan Gray at a Sanford C Bernstein investor conference. Meanwhile, Blackstone's Gray talked about "unprecedented weakness" in older office buildings while noting that this segment currently makes up less than 2% of company's equity portfolio in real estate. Rick Meckler, partner, Cherry Lane Investments, a family investment office in New Vernon, New Jersey said "continued concern over loans made to the office market," was hurting bank stocks broadly on Wednesday, citing the Wells Fargo comments. "The implication is that there are those that will suffer even if Wells Fargo is diversified enough," Meckler said. KeyCorp, down 5.5%, was the biggest decliner in the S&P bank index, and Zions was next, down 4.9%.

Persons: Andrew Kelly, Wells, Charlie Scharf, Blackstone, Jonathan Gray, Sanford C, Wells Fargo's Scharf, Blackstone's Gray, Gray, Bernstein, Rick Meckler, Meckler, Morgan Stanley, Goldman Sachs, Zions, Sinéad Carew, Mehnaz Yasmin, Nick Zieminski Organizations: Citibank, New York Stock Exchange, REUTERS, Banks, Investors, Buyers, Cherry Lane Investments, Citigroup, JPMorgan Chase &, Bank of America, Citizens Financial, Western Alliance Bancorp, PacWest Bancorp, Comerica, PNC Financial Services, Fifth Third Bancorp, Federal Deposit Insurance Corporation, Thomson Locations: Manhattan , New York City, U.S, New Vernon , New Jersey, New York, Bengaluru

☆ TipRanks reveals the top 10 consumer goods sector analysts of the past decade
▼ + stars: | 2023-05-28 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +4 min

TipRanks recognized Wall Street's 10 best analysts in the consumer goods sector for identifying the best investment opportunities. TipRanks used its Experts Center tool to identify the pros with a high success rate, and analyzed each stock recommendation made by analysts in the consumer goods sector over the past decade. TipRanks' algorithms calculated the statistical significance of each rating, the analysts' overall success rate and the average return. Top 10 analysts from the consumer goods sectorThe image below shows the most successful Wall Street analysts from the consumer goods sector. Mark Astrachan - Stifel NicolausMark Astrachan has the 10th spot on the list, with a success rate of 65%.

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). I opened a new credit card for a single hotel stay largely because I knew it was the best card for my spending. Read Insider's guide to the best travel rewards credit cards. Let's look at how much value I gained simply by opening and using a Hilton credit card — and my earning potential had I not opened a Hilton credit card. What I would have earned without a Hilton credit cardHad I not opened a Hilton credit card, I'd have put my bill on one of my other credit cards.

LONDON, May 17 (Reuters) - Holders of credit insurance linked to Credit Suisse (CSGN.S) bonds will not get a payout after a committee that adjudicates on disputes in the derivatives market said on Wednesday the bank's state-engineered merger with UBS did not constitute a credit event. The CDDC said it had come to the conclusion following an examination of the ranking clauses for the AT1 bonds listed in the request made by the investor. The investor said the AT1 bonds were pari passu, in other words ranking at the same level, with the reference bond underlying the CDS contracts, which included a subordinated bond that matured in 2020. A panel of eleven finance companies, including Barclays, Citibank, Deutsche Bank and Goldman Sachs as well as Elliot Investment Management and PIMCO came to a unanimous decision, the CDDC statement said. Credit Suisse, which is still listed as a member of the EMEA CDDC on the group's website, was not listed as having taken part in the decision.

☆ Citi has added Accor Hotels as a transfer partner, making ThankYou points more useful for stays at brands like Fairmont, Raffles, Sofitel, and Ibis
▼ + stars: | 2023-05-15 | by ( Joseph Hostetler | Jasmin Baron | Credit Cards Reporter | ) www.businessinsider.com time to read: +12 min

You'll receive 500 Accor points for every 1,000 Citi ThankYou points you transfer (a 2:1 ratio). Examples of popular Accor brands are:Banyan TreeFairmontIbisRafflesSLSSofitelSwissotelAccor has now been added to the list of Citi ThankYou Rewards points transfer partners, bringing Citi's number of partners to a whopping 17. For every 1,000 Citi ThankYou points you transfer, you'll receive 500 Accor points. That's significantly lower than Insider's valuation of Citi ThankYou points at 1.6 cents apiece, on average. The best way to use Citi ThankYou points for maximum value is usually for award flights instead of free hotels.

☆ CEO who manages $1.5 billion in assets shares her No. 1 investment tip for women: ‘Just do it’
▼ + stars: | 2023-05-10 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +3 min

Sallie Krawcheck's biggest piece of advice for women investors is simple: Invest some money. After Wall Street CEO and CFO jobs at places like Citibank and Smith Barney, Krawcheck co-founded Ellevest, a digital investment and wealth management platform, in 2014. One in 10 women say they don't fully understand investing, and only about 28% feel confident investing, the BNY Mellon report noted. "Women will not invest if they don't understand, [but] men will invest anyway." That trend is good news for a platform like Ellevest, which has raised $144 million in funding since launching and manages more than $1.5 billion in assets from women investors.

The Citi Premier® Card and Capital One Venture Rewards Credit Card are two of the best travel rewards credit cards that offer flexible rewards and generous earning opportunities. Compare the Citi Premier and Capital One Venture Citi Premier® CardCapital One Venture Rewards Credit Card Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Here's how the Citi Premier® stacks up against the Capital One Venture Rewards Credit Card to help you make the choice. Their spending requirements are identical, but the Citi Premier® offers more points than the Capital One Venture Rewards Credit Card. The Capital One Venture Rewards Credit Card offers this coverage while Citi Premier® does not.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin rises, and ex-OpenSea manager found guilty in NFT insider trading case: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Ryan Rugg, the head of digital assets for Citibank's TTS business, discusses blockchain technology and tokenization from Digital Assets Week in San Fransisco.

☆ Sallie Krawcheck says a single decision was almost ‘the end of my career’—instead it launched her to Wall Street stardom
▼ + stars: | 2023-05-03 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +6 min

Sallie Krawcheck's legendary Wall Street career almost ended soon after it began. The move was slammed by her Wall Street peers. On Wall Street, the consensus is often seen as the safest bet. You were among the first female CEOs on Wall Street. The upside to running one of these storied Wall Street firms is [that] I'm going to get to turn it around, I'm going to learn a tremendous amount, I'm going to do something no one else has done.

☆ Banks are finally admitting they have a problem with billions of dollars in looming real-estate defaults
▼ + stars: | 2023-05-01 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +7 min

This earnings season, some major banks bucked tumult in the sector by raking in record revenues and surpassing Wall Street expectations. The bank separately disclosed $725 million of "non-accrual loans" tied to office assets — debts that are already delinquent on payments. That was a nearly fourfold increase in dollar volume of bad office loans over the previous quarter held by the bank. Even some loans tied the nation's robust market for apartment buildings have faltered recently. Anderson said about $760 billion of office loans were held by banks, which amounts to roughly 35% of their commercial-real-estate debt.

☆ Here’s what the SVB report will (and won’t) include, according to top former Fed official
▼ + stars: | 2023-04-27 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

Randal Quarles, former vice chair of supervision at the Fed, told CNN in an exclusive interview that he doesn’t expect the report to uncover any smoking guns. For instance, SVB was able to opt out of holding capital against its unrealized investment losses. Cole Burston/Bloomberg/Getty ImagesIn Quarles’ view, returning to the pre-2019 requirements “would not have made any difference” in preventing SVB from failing. The real issue that the Fed’s report should address, he said, is why SVB’s uninsured depositors were so quick to flee. That’s why Quarles said he didn’t hear about the red flags Fed officials identified when he was vice chair for supervision.

☆ The Citi AAdvantage Platinum Select is offering 75,000 American Airlines miles (worth over $1,000 in flights), but it's your last chance to apply
▼ + stars: | 2023-04-27 | by ( Jasmin Baron | Sarah Silbert | Read More | ) www.businessinsider.com time to read: +13 min

For a limited time, the Citi® / AAdvantage® Platinum Select® World Elite Mastercard® is offering 75,000 American Airlines AAdvantage® bonus miles after spending $3,500 in purchases within the first four months of account opening. Details Rewards Earn 2 AAdvantage® miles for every $1 spent at gas stations and restaurants, and on eligible American Airlines purchases. The welcome bonus of 75,000 American Airlines AAdvantage® bonus miles after spending $3,500 in purchases within the first four months of account opening is worth around $1,050 in flights, based on Insider's valuation of American Airlines miles as worth 1.4 cents each, on average. That said, American Airlines miles aren't just good for flights on AA, and its partner award chart is intact for now. American is part of the Oneworld alliance and partners with other carriers, so you can redeem American Airlines miles for flights on over 20 airlines, including Alaska Airlines, British Airways, Cathay Pacific, and Japan Airlines.

The Citi Premier® Card and Chase Sapphire Preferred® Card are both mid-tier credit cards that offer generous rewards, impressive (and overlapping) transfer partners, and travel perks. Here's a look at how the Citi Premier® and Sapphire Preferred stack up against each other. Compare the Chase Sapphire Preferred and Citi Premier Chase Sapphire Preferred® CardCiti Premier® Card Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Winner: TieShopping and travel benefitsAs mid-tier cards, the Citi Premier® and Sapphire Preferred offer standard benefits like no foreign transaction fees. Winner: TieTravel and purchase protectionsTravel and purchase protections are essential benefits you should consider when deciding between the Citi Premier® and Sapphire Preferred.

☆ Target rolls out curbside returns as retailers hope convenience will boost sales
▼ + stars: | 2023-04-26 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +8 min

The company hopes convenient perks like curbside returns will boost customer loyalty and jolt sales. Neither company would quantify the use of curbside pickup or returns, but Walmart said it has seen nearly double the volume of customers using curbside returns from its launch across the chain last fall compared with this month. At Target's investor day in late February, Citibank analyst Paul Lejuez asked if the retailer would ultimately miss out on purchases by adding curbside returns. He said allowing curbside returns also helps the retailer get unwanted items back on the sales floor faster and lowers the cost of mail-in returns. For Target, curbside returns could serve as a differentiator and a complement to the merchandise mix it sells, Hoyler said.

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